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Indian markets trade positively

Mon, 19 Oct 11:30 am

After opening the day on a firm note, the Indian Markets continued to trade positively. Sectoral indices are trading on a mixed note with stocks from the pharma and oil & gas sectors leading the gains.

The BSE-Sensex is trading up 66 points (up 0.2%) and the NSE-Nifty is trading up 8 points (up 0.1%). The BSE Mid Cap index and the BSE Small Cap index are also trading positively, up by 0.3% and 0.4% respectively. The rupee is trading at 64.80 to the US$.

Most of the stocks in the energy sector are trading firm with Reliance Industries and Chennai Petroleum leading the gains. As per a leading financial daily, Oil & Natural Gas Corporation (ONGC) has sought premium gas pricing for an undeveloped deep-sea block in the KG Basin where it is planning to invest US$ 6 billion. The same was decided, as top executives of the company are anxious about the viability of the project at the current oil and gas prices. The company has written to the government that the out from the KGDWN-98/2 field be given a premium over the domestic price which was too low to make the project workable.

Falling crude oil prices have led to many global economic concerns. Several global oil companies have sharply cut capital expenditure this year on the back of plunging prices. LNG prices in Asia have tumbled to US$ 6.8 per unit from a peak of about US$ 17 per unit in April last year. The drop has reduced costs of field development but not enough to make many projects viable.

Automobile stocks are also trading mixed with Tube Investments leading the gains and Tata Motors bearing maximum loss. According to an article in Economic Times, auto major Mahindra & Mahindra (M&M) is gearing up to enter the premium motorcycle segment overseas. The company is planning to enter Latin America, South East Asia and North Africa with its newly launched Mojo model. For this, the company is expecting shipments to international markets to happen by the mid of the next year.

The company has launched the 300 cc bike (Mojo model) in the domestic market at an introductory price of Rs 1.58 lakh for all bookings until Diwali. While the foray in foreign markets is planned, the company is presently focused on the domestic market.

The company has been expanding global footprint and has presence in 17 countries across South Asia, Africa, Middle East and Latin America. It exports about 3,000 units a month at present. Presently the scrip of M&M is trading down by 0.5%.

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